The sell-off in bonds accelerated midweek after a weak Treasury auction and as investors worry that Trump's tax bill will add trillions to the deficit.

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The yield on both 10 and 30-year government bonds rose on Monday after another credit ratings agency downgraded the US on Friday.

Treasury yields have been on the rise in part because of concerns that tax cuts currently under consideration in Washington could pile trillions of more dollars onto the U.S. government’s debt. Concerns are also still brewing about how much Trump’s tariffs will push up on inflation in the United States.

The credit rating downgrade signals higher borrowing costs, potentially impacting Nassau and Suffolk counties' budgets and residents' loans.

Stocks drifted to a mixed close on Wall Street on May 22 in what has been a rocky week so far because of worries coming out of

The S&P 500 was down 0.3% in midday trading but still within 3.2% of its record. The Dow Jones Industrial Average was down 87 points, or 0.2%, as of 11:25 a.m. Eastern time, and the Nasdaq composite was 0.4% lower.

Stocks are drifting on Wall Street following a rocky week so far because of worries coming out of the bond market about the U.S. government’s soaring debt.

U.S. stocks saw a broad selloff Wednesday afternoon after the yield on the 10-year Treasury crossed above 4.5% rattling investors. The benchmark is a barometer for everything from mortgages to personal loans and now signaling higher borrowing costs.